balmain + commercial + big deals +
Asset Lend – Equity Release
August 09
| purpose | To ‘gear up’ an unencumbered residential property on behalf on an international client to release $500,000 to be used for further investment purposes. |
| loan limit | $500,000 |
| lvr | 60% |
| loan term | 3 Years |
| interest rate | 7.95% p.a. |
This client is a non-resident, non-Australian citizen who holds some unencumbered residential property interests in Queensland. Looking to release equity from one of these properties to contribute working capital towards a new project, he contacted our office in the hope of a solution.
Considering both his international status and the evidently tightening policy restrictions across the market with respect to releasing equity (“cash out”) from property assets, this transaction could not be approved by the vast majority of lenders within Australia.
However, Balmain Gold Coast was able to source an established non-bank lender who was able to consider the transaction as an “asset lend” without supporting financial information. Our international client has now secured his funding and can move forward with his new project.
If we can find funding for this client, we can find funding for anyone.
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